AMGN (Amgen Inc.) Stock Financials & Earnings

Company Info & Key Metrics

Amgen Inc. discovers, develops, manufactures, and delivers human therapeutics worldwide. It focuses on inflammation, oncology/hematology, bone health, cardiovascular disease, nephrology, and neuroscie...

CEORobert A. Bradway

Country🇺🇸 United States

ExchangeNASDAQ

IPOJun 17, 1983

www.amgen.com

Revenue$9.9B

YoY Growth+8.9%

QoQ Growth+3.5%

Net Income$1.3B

EPS$2.45

Free Cash Flow$961M

Gross Margin81.9%

Op. Margin39.8%

Net Margin13.5%

FCF Margin9.7%

Rev Multiple (TTM)5.5x

P/E Ratio (TTM)26.2x

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$6.1B	$4.4B	$1.9B
Q2 23	$7.0B	$5.2B	$2.7B
Q3 23	$6.9B	$5.1B	$2.0B
Q4 23	$8.2B	$5.1B	$1.3B
Q1 24	$7.4B	$4.2B	$991M
Q2 24	$8.4B	$5.2B	$1.9B
Q3 24	$8.5B	$5.2B	$2.0B
Q4 24	$9.1B	$6.0B	$2.3B
Q1 25	$8.1B	$5.2B	$1.2B
Q2 25	$9.2B	$6.2B	$2.6B
Q3 25	$9.6B	$6.5B	$2.5B
Q4 25	$9.9B	$8.1B	$3.9B

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	7.7x	25.5x
Q2 23	7.6x	25.3x
Q3 23	7.5x	26.7x
Q4 23	7.2x	30.0x
Q1 24	6.8x	53.6x
Q2 24	6.5x	64.5x
Q3 24	6.2x	47.7x
Q4 24	6.0x	49.3x
Q1 25	5.9x	34.0x
Q2 25	5.8x	30.5x
Q3 25	5.6x	28.8x
Q4 25	5.5x	26.2x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$1.1B	$720M
Q2 23	$4.1B	$3.8B
Q3 23	$2.8B	$2.5B
Q4 23	$538M	$289M
Q1 24	$689M	$459M
Q2 24	$2.5B	$2.2B
Q3 24	$3.6B	$3.3B
Q4 24	$4.8B	$4.4B
Q1 25	$1.4B	$980M
Q2 25	$2.3B	$1.9B
Q3 25	$4.7B	$4.2B
Q4 25	$1.6B	$961M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$344M
Q2 23	$271M
Q3 23	$248M
Q4 23	$249M
Q1 24	$230M
Q2 24	$238M
Q3 24	$257M
Q4 24	$371M
Q1 25	$411M
Q2 25	$369M
Q3 25	$436M
Q4 25	$642M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	-2.1%	+11.9%
Q2 23	+5.9%	-2.6%
Q3 23	+3.8%	+22.3%
Q4 23	+19.8%	+50.2%
Q1 24	+22.0%	+54.3%
Q2 24	+20.1%	+50.6%
Q3 24	+23.2%	+32.2%
Q4 24	+10.9%	-2.2%
Q1 25	+9.4%	+8.0%
Q2 25	+9.3%	+0.7%
Q3 25	+12.4%	+8.9%
Q4 25	+8.9%	-12.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$47M	0.8%
Q2 23	$119M	1.7%
Q3 23	$104M	1.5%
Q4 23	$473M	5.8%
Q1 24	$103M	1.4%
Q2 24	$157M	1.9%
Q3 24	$136M	1.6%
Q4 24	$134M	1.5%
Q1 25	$85M	1.0%
Q2 25	$157M	1.7%
Q3 25	$127M	1.3%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 23	$1.1B	—	—	$1.3B
Q2 23	$1.1B	—	—	$1.3B
Q3 23	$1.1B	—	—	$1.4B
Q4 23	$1.5B	—	—	$2.3B
Q1 24	$1.3B	—	—	$1.8B
Q2 24	$1.4B	—	—	$1.8B
Q3 24	$1.4B	—	—	$1.6B
Q4 24	$1.7B	$891M	$987M	—
Q1 25	$1.5B	—	—	$1.7B
Q2 25	$1.7B	—	—	$1.7B
Q3 25	$1.9B	—	—	$1.7B
Q4 25	$2.2B	—	—	$1.9B

Revenue Segments

Quarter	Aranesp	Enbrel	Evenity	Kyprolis	Nplate	Otezla	Other Products	Product and Service, Other	Prolia	Repatha (evolocumab)	Xgeva	Blincyto	Krystexxa	Tepezza	Tezspire	Vectibix
Q1 23	$355M	$579M	$254M	$358M	$362M	$392M	$1.7B	$259M	$927M	$388M	$536M	—	—	—	—	—
Q2 23	$365M	$1.1B	$281M	$346M	$310M	$600M	$1.7B	$303M	$1.0B	$424M	$530M	—	—	—	—	—
Q3 23	$323M	$1.0B	$307M	$349M	$419M	$567M	$1.6B	$355M	$986M	$406M	$519M	—	—	—	—	—
Q1 24	$349M	$567M	$342M	$376M	$317M	$394M	$1.4B	$329M	$999M	$517M	$561M	$244M	$235M	$424M	$173M	$247M
Q2 24	$348M	$909M	$391M	$377M	$346M	$544M	$1.3B	$347M	$1.2B	$532M	$562M	$264M	$294M	$479M	$234M	$270M
Q3 24	$337M	$825M	$399M	$378M	$456M	$564M	$1.4B	$352M	$1.0B	$567M	$541M	$327M	$310M	$488M	$269M	$282M
Q1 25	$340M	$510M	$442M	$324M	$313M	$437M	$1.6B	$276M	$1.1B	$656M	$566M	$370M	$236M	$381M	$285M	$267M
Q2 25	$359M	$604M	$518M	$378M	$369M	$618M	$1.7B	$408M	$1.1B	$696M	$532M	$384M	$349M	$505M	$342M	$305M
Q3 25	$357M	$580M	$541M	$359M	$457M	$585M	$1.9B	$420M	$1.1B	$794M	$539M	$392M	$320M	$560M	$377M	$284M

Revenue by Geography

Quarter	Non-US	United States
Q1 23	$1.9B	$4.0B
Q2 23	$1.9B	$4.7B
Q1 24	$2.1B	$5.0B
Q2 24	$2.2B	$5.8B
Q3 24	$2.2B	$6.0B
Q1 25	$2.2B	$5.7B
Q2 25	$2.4B	$6.3B
Q3 25	$2.4B	$6.8B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$31.6B	$1M	$31.6B
Q2 23	$34.2B	$0	$34.2B
Q3 23	$34.7B	$0	$34.7B
Q4 23	$10.9B	$0	$10.9B
Q1 24	$9.7B	$0	$9.7B
Q2 24	$9.3B	$0	$9.3B
Q3 24	$9.0B	$0	$9.0B
Q4 24	$12.0B	$0	$12.0B
Q1 25	$8.8B	$0	$8.8B
Q2 25	$8.0B	$0	$8.0B
Q3 25	$9.4B	$0	$9.4B
Q4 25	$9.1B	$0	$9.1B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	538M	-0.2%
Q2 23	537M	-0.2%
Q3 23	538M	+0.2%
Q4 23	540M	+0.4%
Q1 24	536M	-0.7%
Q2 24	541M	+0.9%
Q3 24	542M	+0.2%
Q4 24	542M	+0.0%
Q1 25	541M	-0.2%
Q2 25	541M	+0.0%
Q3 25	542M	+0.2%
Q4 25	543M	+0.2%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$1M	18K
FY 15	$1M	18K
FY 16	$1M	19K
FY 17	$1M	21K
FY 18	$1M	22K
FY 19	$998K	23K
FY 20	$1M	24K
FY 21	$1M	24K
FY 22	$1M	25K
FY 23	$1M	27K
FY 24	$1M	28K
FY 25	$184K	200K